For small and medium-sized businesses, managing supplier payments can prove to be time consuming, with just over 1/4 saying it can take anywhere between 3 hours per week to 10 hours or more. Just under half of the SMBs surveyed, however, seem to have their supplier payments process under control, as they spend just 1 hour or less per week.
Key research findings:
- 25.4% of SMBs spend at least 3 hours per week managing supplier payments
- 8.4% claim that more than 10 hours are used each week paying suppliers
- 46.5% of SMBs spend less than 1 hour per week on their supplier payments
More details about the research:
Answers to the question: “How many hours does your accounts payable team spend per week managing payments to suppliers?”
#1: Less than 1 hour (46.5%)
#2: 1 to 2.99 hours (19.4%)
#3: 3 to 4.99 hours (11.2%)
#4: Other (8.8%)
#5: 10+ hours (8.4%)
#6: 5 to 9.99 hours (5.8%)
Demographics: Over 500 US-based respondents from a panel of SMBs (Small and Medium-sized Businesses). Respondents are aged between 25 and 54 and have an average inferred annual income of $24k – $150k.
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